5 Regression StatisticsMultiple RR SquareAdjusted R SquareStandard ErrorObservationsInterceptPrice of GoodPrice of Related GoodIncome0.990.980.972.5235Coefficients Standard Error131.92-7.4610.240.30O A. 1.20B. 0.22C. 2.20OD. 0.1217.761.180.970.10t Stat7.43-6.3410.603.00P-value Lower 95% Upper 95%0.000.000.000.0197.11- 9.868.270.10166.73-5.0612.210.50The demand for your product demands on three factors; the price of your good, the price of a related good, and the average income ofyour customers. Excel estimated the above linear demand for your product.If the price of your good is $125, the price of the related good is $40, and the average income of consumers is $28,000, what is the pointelasticity of demand?

Point elasticity is given by the formula dq/dp x p/q. We can substitute values from the given…

The demand for your product demands on three factors; the price of your good, the price of a related good, and the average income of your customers. Excel estimated the above linear demand for your product. If the price of your good is $125, the price of the related good is $40, and the average income of consumers is $28,000, what is the point elasticity of demand?